New York, USA, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global biochar market is projected to garner a revenue of $2,366.4 million and grow at a CAGR of 18.4% throughout the estimated timeframe from 2022 to 2031.
As per our analysts, biochar is widely used for improving soil fertility, promoting food security, and helping in waste management which is expected to fortify the growth of the biochar market during the analysis period. Besides, biochar also lowers the need for chemical fertilizers and prevents the growth of mildew and molds by binding toxins which are further expected to uplift the growth of the market during the estimated period. Moreover, the growing applications of biochar in the building sector are expected to create expansive growth opportunities throughout the forecast timeframe.
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Segments of the Biochar Market
The report has divided the market into segments based on feedstock, production method, application, and region.
Feedstock: Bamboo-Based Sub-Segment to be Most Productive
The bamboo-based sub-segment is expected to have the fastest growth during the analysis timeframe. This is mainly because biochar produced from bamboo-based feedstock improves the nutrient retention of soil. Moreover, the increasing demand for bamboo-based biochar for its optimized water-holding capacity of the soil is expected to foster the growth of the market sub-segment over the forecast period.
Production Method: Pyrolysis Sub-Segment to be Most Profitable
The pyrolysis sub-segment is predicted to grow at the highest CAGR during the estimated period. This is majorly because is cost-efficient and inexpensive that can produce biochar from different feedstocks. In addition, pyrolysis helps in reducing the large amount of waste that enters landfills and diminishes the emission of greenhouse gases which is expected to propel the growth of the market sub-segment over the analysis timeframe.
Application: Agriculture Sub-Segment to be Most Beneficial
The agriculture sub-segment is expected to hold the largest share of the market throughout the forecast period. This is mainly due to the increasing use of biochar in the agriculture sector for improving soil productivity, porosity, density, and fertility. Moreover, biochar also prevents soil contamination by preventing pesticides from entering the surface water which is predicted to fuel the growth of the market sub-segment during the analysis period.
Asia-Pacific Region to Hold the Highest Share of the Market
The Asia-Pacific region of the biochar market is projected to hold the largest share of the market over the estimated timeframe. This is mainly due to the presence of leading biochar-producing countries in this region. Furthermore, the rising demand for biochar from the agricultural sector of this region is expected to drive the regional growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Biochar Market
Though the rise of the Covid-19 pandemic has devastated several industries, it has had a positive impact on the biochar market. This is mainly because biochar is produced from agricultural waste and biomass and agricultural activity was included under essential activities during the pandemic. Moreover, the increased funding to biochar-producing countries to meet the food demand during the crisis has inclined the growth of the market over that period.
Key Players of the Market
The major players of the biochar market include
- Bioforcetech Corp.
- Biochar Now
- Chargrow USA LLC
- ECOERA
- Pacific Biochar Benefit Corporation
- American BioChar
- Phoenix Energy
- Airex Énergie Inc.
- ARSTA Eco PVT LTD
- Agri- tech Producers LLC
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
Broader Insights Pertaining for the Specific Segments or Regions of the Biochar Market
For instance, in May 2022, Carbon Streaming Corporation, a unique ESG principled investment vehicle offering investors announced its partnership with Restoration Bioproducts LLC, a leading biochar-producing company. With this partnership, the companies aimed to support biochar production from biomass and prevent the release of carbon dioxide and methane emissions into the atmosphere.
In addition, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Biochar Market:
- Is Biochar a Perfect Soil Solution that Benefits Both the Climate and Farmers?
- Biochar: A Promising Agent for Regenerative Agriculture and Clean Environment
- Global Biochar Market to Generate $2,366.4 Million by 2031 Owing to Increasing Application in Agriculture, Horticulture, and Soil Remediation Sector
